DESTINATION INSIGHTS Destination Market: Caribbean

Prepared for: MASTERCARD ADVISORS DESTINATION INSIGHTS Destination Market: Caribbean May 2018

Report Specifications and Summary 2 Report is based on MasterCard s anonymized cardholder data Client Name: Caribbean Hotel & Tourism Association Market: Caribbean Peer Markets: Aruba, Bahamas, Dominican Republic, Jamaica, and Puerto Rico Time Period for Analysis: 24 months Period 1: April 1, 2016 to March 31, 2017 Period 2: April 1, 2017 to March 31, 2018 Product Type: Corporate and Consumer Disclaimers: All analysis is subject to applicable Data Usage and Privacy laws and Benchmarking Requirements

Country Codes The following standard country codes are used in this report: 3 Code Country Code Country Code Country AUS AUSTRALIA GBR UNITED KINGDOM BEL BELGIUM ARG ARGENTINA LBN LEBANON VNM VIETNAM BRA BRAZIL MEX MEXICO CAN CANADA ARE UNITED ARAB EMIRATES CHL CHILE ITA ITALY GUY GUYANA RUS RUSSIA COL COLOMBIA MUS MAURITIUS CHE SWITZERLAND NLD NETHERLANDS DEU GERMANY PAN PANAMA LUX LUXEMBOURG ESP SPAIN HKG HONG KONG USA UNITED STATES SUR SURINAME VEN VENEZUELA MYS MALAYSIA SGP SINGAPORE NOR NORWAY FRA FRANCE

Executive Summary 4 Origination Market Dynamics Spend Indexes and YoY Trends Trends per Stay, by Origination Market While international travel to the Caribbean remains steady throughout the year, spend data reveals that most visitors pick December April. March is the peak month. The top origination markets for spend are the US, Netherlands, UK, Canada, Germany, France, Switzerland, Panama, Chile, and Italy; dominated by the US which spends about 54 times the average origination market. The Netherlands and UK are a distant second and third, spending 4.3 and 3.9 times the average respectively. Among the rest of the top ten, other spend dynamics are: - On a per account basis, visitors from Panama spend more than visitors from any other origination market. - All of the top ten origination markets show roughly similar spend behavior on major categories. The Netherlands experienced the highest YoY spend growth and the second highest transactions and visits growth, with the United Kingdom being first in the latter two metrics. Both the Netherlands and United Kingdom are at the upper end of spend and transaction indexes. The remaining top origination countries showed mixed positive and negative growth, with the US decline having a significant impact on overall spending. Length of stay in this period does seem to generally correlate with amount spent per account. For example, among the top ten origination markets, visitors from Panama stayed the longest and also had the highest average spend per account among the ten.

SECTION: Origination Market Dynamics

Origination Market Dynamics 6 Contents: Seasonality Ranking of Top Origination Markets by Spend and Transactions Average Spend per Account by Origination Market for Top Origination Markets by Spend, Transactions, and Unique Visits

April May June July August September October November December January February March Seasonality 7 International spend in the Caribbean peaks during the winter and early spring. It is at its lowest in September, and lower overall throughout hurricane season. % of International Customers Spend per Month Analyzed for the Past 24 Months (April 1, 2016 March 31, 2018) A 9.1% 8.1% 8.2% 8.9% 8.3% 7.5% 9.5% 9.7% 9.3% 10.2% 5.4% 5.8% B Key Insights: Monthly international spend in the Caribbean has large variance over a twelve month period A Peak international spend occurs December - April. The peak month, March, accounts for 10.2% of spending for the year, and is 480bps higher than the lowest month. B September is the month with the lowest overall international spend and represents 5.4% of yearly spending. Note: 1. All analysis is subject to Data Usage & Privacy laws by origination Market and Benchmarking Requirements

Origination Market Dynamics 8 Contents: Seasonality Ranking of Top Origination Markets by Spend and Transaction Index Average Spend per Account by Origination Market for Top Origination Markets by Spend, Transactions, and Unique Visits

6,000 5,000 Top 10 Origination Markets based on Spend Index Overall Destination Market In aggregate, visitors from the US spent ~54x as much in the Caribbean as the global spend average over the past 24 months. However, the spend index does not correlate directly with average spend by account. 5,414 5,382 Top International Origination Markets By Spend Index and Average Spend by Account April 1, 2016 March 31, 2017 vs. April 1, 2017 March 31, 2018 B $2,500 $2,000 9 4,000 3,000 2,000 A $1,500 $1,000 1,000-374 434 354 387 267 281 97 105 65 61 57 68 57 56 56 56 53 56 USA NLD GBR CAN DEU FRA PAN CHE CHL ITA April 1, 2016 - March 31, 2017 Index April 1, 2016 - March 31, 2017 Average Spend per Account Note: 1. All analysis is subject to Data Usage & Privacy laws by origination Market and Benchmarking Requirements April 1, 2017 - March 31, 2018 Index April 1, 2017 - March 31, 2018 Average Spend per Account Key Insights: The global spend index average is 100; five of the top ten origination markets by spend show above average spend. In the most recent period, the average spend per account for visitors from the top 10 origination markets is ~ $1,100. This number is calculated for visitors who have stayed at least 2 days to reflect more accurate tourist behavior. Spending index for the Netherlands is the second highest (~4.3x the average), but spend per account is the sixth highest. Compared to the global average, Panama has a below average spend index; however, Panamanian visitors have the highest average spend by account (~1.6x the average) among the top ten. A B $500 $0

Top 10 Origination Markets based on Spend Index Peer Destination Market: Aruba 10 The vast majority of international spend in Aruba continued to come from the US, with additional contribution from the Netherlands, Canada, Chile, and the United Kingdom. 2,500 2,000 A 1,898 2,045 Top International Origination Markets By Spend Index April 1, 2016 March 31, 2017 vs. April 1, 2017 March 31, 2018 Note: The global spend index average is 100. 1,500 1,000 500 0 361 404 75 65 51 89 61 51 34 43 29 29 30 29 27 24 22 20 USA NLD CAN CHL GBR BRA DEU COL ARG CHE April 1, 2016 - March 31, 2017 Index April 1, 2017 - March 31, 2018 Index Key Insights: A The US tops the origination market spend index, spending ~20x the global average. US spend grew between the two time periods. The peer market top ten spender list includes origination markets that are not on the list of top ten spenders for the Caribbean market overall: Brazil, Colombia, and Argentina. Note: 1. All analysis is subject to Data Usage & Privacy laws by origination Market and Benchmarking Requirements

Top 10 Origination Markets based on Spend Index Peer Destination Market: Bahamas 11 The vast majority of international spend in the Bahamas continues to come from the US with additional contribution from Canada, the UK, Germany, and Switzerland. A Top International Origination Markets By Spend Index April 1, 2016 March 31, 2017 vs. April 1, 2017 March 31, 2018 Note: The global spend index average is 100. 3,500 3,000 2,500 2,000 1,500 1,000 2,587 2,945 500 0 [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] [CELLRANGE] USA CAN GBR DEU CHE ITA BRA AUS NLD FRA April 1, 2016 - March 31, 2017 Index April 1, 2017 - March 31, 2018 Index Key Insights: A The US tops the origination market spend index, with visitors spending ~29x the average global origination market. The peer market top ten spender list includes origination markets that are not on the list of top ten spenders for the Caribbean market overall: Brazil, and Australia. Note: 1. All analysis is subject to Data Usage & Privacy laws by origination Market and Benchmarking Requirements

Top 10 Origination Markets based on Spend Index Peer Destination Market: Dominican Republic 12 The vast majority of international spend in the Dominican Republic continues to come from the US, with significant contribution from Canada, Panama, Chile, and Italy. 3,000 A 2,881 2,903 Top International Origination Markets April 1, 2016 March 31, 2017 vs. April 1, 2017 March 31, 2018 Note: The global spend index average is 100. 2,500 2,000 1,500 1,000 500 393 375 347 299 220 183 217 181 186 181 158 170 144 166 140 157 130 149 0 USA CAN PAN CHL ITA DEU GBR ESP RUS FRA April 1, 2016 - March 31, 2017 Index April 1, 2017 - March 31, 2018 Index Key Insights: A The US tops the origination market spend index, spending ~29x as much as the average global origination market. The peer market top ten spender list includes origination markets such as Spain and Russia that are not on the list of top ten spenders for the Caribbean market overall. Note: 1. All analysis is subject to Data Usage & Privacy laws by origination Market and Benchmarking Requirements

Top 10 Origination Markets based on Spend Index Peer Destination Market: Jamaica 13 The vast majority of international spend in Jamaica continues to come from the US with significant contribution from Canada and the UK. A Top International Origination Markets By Spend Index April 1, 2016 March 31, 2017 vs. April 1, 2017 March 31, 2018 Note: The global spend index average is 100. 2,500 2,159 2,247 2,000 1,500 1,000 500 0 417 438 327 346 83 106 49 34 41 40 26 32 23 29 23 25 21 21 USA CAN GBR DEU NLD ITA CHE BEL CHL BRA April 1, 2016 - March 31, 2017 Index April 1, 2017 - March 31, 2018 Index Key Insights: A The US tops the origination market spend index, spending ~22x the average global origination market. The peer market top ten spender list includes Belgium and Brazil as origination markets that are not on the list of top ten spenders for the Caribbean market overall. Note: 1. All analysis is subject to Data Usage & Privacy laws by origination Market and Benchmarking Requirements

Top 10 Origination Markets based on Spend Index Peer Destination Market: Puerto Rico 14 Over 95% of international spending in Puerto Rico is by US visitors. Canada, the UK, and Mexico are the next top three sources of spending but pale in relation to the US. 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500-4,441 A 3,603 Top International Origination Markets By Spend Index April 1, 2016 March 31, 2017 vs. April 1, 2017 March 31, 2018 17 14 14 11 11 10 8 9 9 9 8 7 6 5 8 5 8 4 USA ARE CAN MEX GBR DEU ESP PAN FRA CHL Note: The global spend index average is 100. April 1, 2016 - March 31, 2017 Index April 1, 2017 - March 31, 2018 Index Key Insights: The US tops the origination market spend index, spending ~36x the average global origination market. Overall spend has A declined driven primarily by the US. The peer market top ten spender list includes origination markets that are not on the list of top ten spenders for the Caribbean market overall: Mexico and Spain. Note: 1. All analysis is subject to Data Usage & Privacy laws by origination Market and Benchmarking Requirements

Top 10 Origination Markets based on Transaction Index Overall Destination Market The transaction index does not directly correlate to the average number of transactions per account; visitors from the US transact the most overall, but Panama has the highest average number of transactions per account, followed by the Netherlands 15 6,000 5,000 4,000 3,000 2,000 1,000-5,582 5,419 A 558 707 197 206 250 232 73 83 59 64 53 59 62 59 40 46 21 34 USA NLD GBR CAN DEU FRA ITA PAN ESP RUS April 1, 2016 - March 31, 2017 Index Top International Origination Markets By Transaction Index and Average Transactions per Account April 1, 2016 March 31, 2017 vs. April 1, 2017 March 31, 2018 April 1, 2016 - March 31, 2017 Average Transactions Per Account B April 1, 2017 - March 31, 2018 Index Note: The global transaction index average is 100. April 1, 2017 - March 31, 2018 Average Transactions Per Account 25.0 20.0 15.0 10.0 5.0 - Key Insights: The top ten origination markets by transactions is slightly different from that by spending as Spain and Russia are now members of this group. Also, the difference between the US and the next origination market (Netherlands) by transaction A index is not as vast as the spend index. The Netherlands has the second highest transaction index and the second highest average number of transactions by B account. Panama has a high average number of transactions per account relative to its transaction index (~21 transactions per account and index of 59 which is below average). Spain and Russia appear among the top origination markets based on transaction Index but in ninth and tenth position. Note: 1. All analysis is subject to Data Usage & Privacy laws by origination Market and Benchmarking Requirements

Origination Market Dynamics 16 Contents: Seasonality Ranking of Top Origination Markets by Spend and Transaction Index Average Spend per Account by Origination Market for Top Origination Markets by Spend, Transactions, and Unique Visits

Origination Markets Ranked by Average Spend per Account 17 Visitors from Hong Kong spent on average more per account than visitors from any other origination market but their visitor count is moderately low. Top 10 Origination Markets By Average Spend per Account HKG LUX PAN $2,018 $1,960 $2,126 SGP $1,786 IRL SUR LBN GUY CHN DNK $1,657 $1,588 $1,550 $1,487 $1,480 $1,402 International Average Key Insights: With the exception of Panama, all of the origination markets in the top ten ranking of spend per account are not included in the list of top origination markets by total spend and transactions: Hong Kong, Luxembourg, Singapore, Ireland, Surinam, Lebanon, Guyana, China, and Denmark. There is not a very direct correlation between total spending and spending per account, as total spending is driven more by the number of visitors rather than spending per visitor. Note: 1. All analysis is subject to Data Usage & Privacy laws by origination Market and Benchmarking Requirements $1,079

Origination Market Dynamics 18 Contents: Seasonality Ranking of Top Origination Markets by Spend and Transaction Index Average Spend per Account by Origination Market for Top Origination Markets by Spend, Transactions, and Unique Visits

YoY Spend Growth for Top 10 Origination Markets Overall Destination Market 19 The US, while remaining the international spend leader in the Caribbean, shows negative spend growth compared to most other countries. 13.2% for Top 10 Origination Markets By Spend April 1, 2016 March 31, 2017 vs. April 1, 2017 March 31, 2018 6.5% 2.3% 6.2% 3.8% 1.3% A USA NLD GBR CAN DEU FRA PAN CHE CHL ITA -3.1% B -3.6% -1.2% Key Insights: Average YoY spend growth among top origination markets based on spend is -1.3% driven by the decline from USA. A Panama shows the largest decline in spending growth of the top ten origination markets. The Netherlands shows the highest spending growth as both a spend leader and a spending growth leader. B -8.3% Note: All analysis is subject to Data Usage & Privacy laws by origination Market and Benchmarking Requirements

YoY Spend Growth for Top 10 Origination Markets Peer Destination Market: Aruba 20 Brazil shows the highest YoY spend growth rate within the peer market top ten spender list for Aruba, followed by Argentina and the UK. for Top 10 Origination Markets By Spend April 1, 2016 March 31, 2017 vs. April 1, 2017 March 31, 2018 A 53.0% 42.2% B 12.1% 16.5% 23.6% 4.5% 16.1% 5.5% USA NLD CAN CHL GBR BRA DEU COL ARG CHE -1.9% -2.7% Key Insights: Average YoY spend growth among top origination markets based on spend is 13.0%. A Brazil shows the highest YoY growth at 53.0% and there are multiple other countries with growth in excess of 10%. B Although the US YoY growth rate is only 12.1%, it translates into the highest absolute increase in spending due to the large amount of spending that it generates. Note: 1. All analysis is subject to Data Usage & Privacy laws by origination Market and Benchmarking Requirements

YoY Spend Growth for Top 10 Origination Markets Peer Destination Market: Bahamas The Bahamian market stands out as one of two among the Peer Markets for which every top ten origination country has positive YoY spend growth. It is worth exploring some of the specifics of this market to determine whether it is possible to replicate this performance.. 21 for Top 10 Origination Markets By Spend April 1, 2016 March 31, 2017 vs. April 1, 2017 March 31, 2018 47.4% 44.7% B A 32.5% 27.2% 29.4% 20.7% 16.9% 9.2% 13.4% 11.3% USA CAN GBR DEU CHE ITA BRA AUS NLD FRA Key Insights: Overall YoY spend growth among the top origination markets based on spend is a healthy 21.6%. A The United Kingdom shows the greatest YoY spend growth of 47.4%% among origination markets, a remarkable growth rate for any country in the top ten. B The US, as the international spend leader throughout the Caribbean, shows a strong increase in spending of nearly 21% which translates into a substantial number of dollars gained. Note: All analysis is subject to Data Usage & Privacy laws by origination Market and Benchmarking Requirements

YoY Spend Growth for Top 10 Origination Markets Peer Destination Market: Dominican Republic 22 Nine out of the top ten origination markets show positive YoY growth in spend in the Dominican Republic, and four of those markets show double digit growth. for Top 10 Origination Markets By Spend April 1, 2016 March 31, 2017 vs. April 1, 2017 March 31, 2018 47.5% 31.1% 9.0% 3.2% A -6.7% 6.6% 9.9% 8.1% 14.1% 12.1% USA CAN PAN CHL ITA DEU GBR ESP RUS FRA Key Insights: Average YoY spend growth among top origination markets based on spend is 8.2%. A Panama is the only origination country which experienced negative YoY growth, although it had no substantial impact. Russia s extreme growth in the Dominican market is notable in rate terms though the US growth is basically driving the overall growth in the market. Note: 1. All analysis is subject to Data Usage & Privacy laws by origination Market and Benchmarking Requirements 2. Increasing acceptance of payment cards in the Dominican Republic may be skewing spend growth rates.

YoY Spend Growth for Top 10 Origination Markets Peer Destination Market: Jamaica Jamaica is the second market which shows positive growth for all top ten origination markets. Brazil stands out as having the highest growth in spending while Germany, Switzerland, and Italy demonstrated significant YoY spend growth. The only negative note is that the US growth fell slightly below average growth. 23 for Top 10 Origination Markets By Spend April 1, 2016 March 31, 2017 vs. April 1, 2017 March 31, 2018 103.9% A A 12.4% 13.3% 14.3% 37.7% 27.0% 31.4% 35.1% 13.6% 8.4% USA CAN GBR DEU NLD ITA CHE BEL CHL BRA Key Insights: Average YoY spend growth among top origination markets based on spend is a healthy 13.7%. A Germany, Italy, Switzerland, and Brazil show much higher than average growth, although they began from a smaller base. Still, Brazil s growth of nearly 104% is a remarkable increase in spending that deserves further analysis to understand if it is likely to be maintained. Note: 1. All analysis is subject to Data Usage & Privacy laws by origination Market and Benchmarking Requirements

YoY Spend Growth for Top 10 Origination Markets Peer Destination Market: Puerto Rico 24 Puerto Rico is in a difficult position given the effects of the hurricane season from 2017. With the exception of the United Arab Emirates, all remaining top origination countries show negative growth, including the US which actually had the lowest rate decline but whose absolute volume impact dwarfs all the changes attributable to the other countries. A for Top 10 Origination Markets By Spend April 1, 2016 March 31, 2017 vs. April 1, 2017 March 31, 2018 40.3% B USA ARE CAN MEX GBR DEU ESP PAN FRA CHL -5.8% -1.2% -13.8% -38.0% -30.7% Key Insights: Average YoY spend growth among top origination markets based on spend is a disappointing -6.2%. A Notable origination markets like the Emirates has bucked the decline in spending trend to show an increase in spending in Puerto Rico. B Canada, in opposing fashion, shows a fairly large decline rate in spending, although its dollar impact is nowhere near as substantial as that of the US. -28.6% -27.3% -28.3% -34.4% Note: All analysis is subject to Data Usage & Privacy laws by origination Market and Benchmarking Requirements

YoY Transaction Growth for Top 10 Origination Markets Overall Destination Market 25 Panama and the US are the only top ten source country which experienced YoY decline in transaction growth. The other top ten spend countries show relatively healthy transactions growth. 21.4% 21.6% for Top 10 Origination Markets By Transactions April 1, 2016 March 31, 2017 vs. April 1, 2017 March 31, 2018 7.7% 9.1% 4.9% 7.6% 3.5% USA NLD GBR CAN DEU FRA PAN CHE CHL ITA -7.0% B -9.3% 5.4% A Key Insights: Panama s YoY transactions decline growth was accompanied by a YOY decline in spending as well. Similarly, the transactions growth from The Netherlands was accompanied by a double digit YoY spend growth as well. A B Note: 1. All analysis is subject to Data Usage & Privacy laws by origination Market and Benchmarking Requirements

in Unique Visits for Top Ten Origination Markets Overall Destination Market 26 YoY growth in unique visits aligns with the YoY growth for spend and transactions. Panama shows the largest decline in visits growth while the United Kingdom shows the highest increase. 7.9% 13.1% for Top 10 Origination Markets By Unique Visits April 1, 2016 March 31, 2017 vs. April 1, 2017 March 31, 2018 3.4% 2.8% 0.0% 1.4% 1.0% 1.7% USA NLD GBR CAN DEU FRA PAN CHE CHL ITA -5.4% -10.4% A Key Insights: A Panama registered a double digit decline of growth in unique visits in contrast to all the other source countries except the United States which registered a single digit decline. Note: 1. All analysis is subject to Data Usage & Privacy laws by origination Market and Benchmarking Requirements. In particular, The Netherlands and Italy prohibit tracking individual accounts and thus the visits metric are assigned an average value based on the other countries.

SECTION: Characteristics of Stay by Origination Market

Characteristics of Stays by Origination Market 28 Contents: Average Length of Stay Spending by Category

Average Length of Stay for Top Ten Origination Markets Overall Destination Market Length of stay here is positively correlated with spend per account, but not necessarily to total spending index which is driven more by the number of visitors. The Netherlands, Panama, and the US have the longest average length of stay and also high spending per account. Average Length of Stay* & Average Spend per Account By Origination Market 29 12.0 10.0 8.0 6.0 4.0 2.0 A 8.5 $1,183 9.9 $862 B 7.3 6.3 $1,155 $676 6.8 $789 6.1 $633 9.3 $1,960 7.6 $1,243 5.8 $995 7.7 $692 $2,500 $2,000 $1,500 $1,000 $500 0.0 USA NLD GBR CAN DEU FRA PAN CHE CHL ITA Average Length of Stay Average Spend Per Account $0 Key Insights: Average length of stay among the top origination markets by spend is 8.3 days and average spend by account is $1,100. A The US is the top origination market by total spend and transactions, but comes in third for length of stay (on par with the average) and third in spend per account (just $83 above average among top origination countries). B Visitors from Panama stay a full day longer than the average international visitor, but spend almost $800 more per account compared to the per account average. Note: 1. All analysis is subject to Data Usage & Privacy laws by origination Market and Benchmarking Requirements. In particular, The Netherlands and Italy prohibit tracking individual accounts and thus the visits metric are assigned an average value based on the other countries. *Length of stay based on transaction data. Single day visitors were excluded from this formula.

Characteristics of Stays by Origination Market 30 Contents: Average Length of Stay Spending by Category

Cross Category Spend by Origination Market Overall Destination Market 31 Car rentals & restaurants generally have lower percent of spend among top origination markets. Hotels are a consistently significant component of travel spend across most countries with visitors from Chile spending the highest percentage of their wallet on lodging. Travel-Related Cross Spend Categories for Top origination Markets in Destination Market 48.8% 48.4% 13.2% 13.9% 14.2% 20.8% 4% 5% 20% 12% 36.2% 42.3% 40.7% 12.9% 13.6% 11.9% 20.2% 12.4% 12.3% 5% 4% 5% 26% 28% 30% 50.2% 61.5% 16.7% 11.9% 9.0% 3% 10.0% 1% 21% 15% 42.8% 10.5% 12.8% 4% 30% 32.0% 22.5% 4.0% 2% 40% 46.0% 11.9% 11.5% 4% 27% With the exception of Chile, the top origination countries spend the most in the other spend category. A deeper dive into spending in that category may prove useful. USA NLD GBR CAN DEU FRA PAN CHE CHL ITA Hotels Car Rental Restaurants Retail Other Note: 1. All analysis is subject to Data Usage & Privacy laws by origination Market and Benchmarking Requirements

SECTION: Origination Markets - Profiles

April May June July August September October November December January February March Origination Market Profile: United States 33 The US is the dominant spend and transaction leader across the Caribbean destination market; however, spending and transactions growth were negative YOY while average length of stay is on par with the average top ten country. Top origination Markets (by Apr 1, 2017 Mar 31, 2018 Index) USA 5,382 NLD 434 (Spend) (Transactions) (Unique Stays) Avg. Length of Stay (Days) Average Spend per Account Average Transaction Value -3.1% -7.0% -5.4% 8.5 $1,183 $95 GBR 387 CAN 281 Seasonality: % of origination Market Spend Month 9.3% 8.6% 9.0% 9.4% 8.5% 9.2% 8.9% 8.8% 7.2% 5.4% 5.6% 10.1% DEU 105 FRA 68 PAN 57 CHE 56 Category Spend 48.8% CHL 56 ITA 56 20.2% 3.7% 14.2% 13.2% Hotels Car Rental Restaurants Retail Other

April May June July August September October November December January February March Origination Market Profile: Netherlands 34 Visitors from The Netherlands show positive YoY growth across all measures and their length of stay is about a day and a half above average during this period. Interestingly, their percentage of wallet spend on lodging is fairly low and deserves further analysis. Top origination Markets (by Apr 1, 2017 Mar 31, 2018 Index) USA - 5,382 NLD 434 GBR 387 CAN 281 (Spend) (Transactions) 7.3% 7.6% 6.8% (Unique Stays) Seasonality: % of origination Market Spend Month 8.4% 9.2% Avg. Length of Stay (Days) 7.0% 7.8% 8.3% Average Spend per Account 9.4% 10.4% Average Transaction Value 13.2% 21.4% 7.9% 9.9 $862 $59 8.9% 9.0% DEU 105 FRA 68 PAN 57 CHE 56 Category Spend 48.4% CHL 56 ITA 56 12.4% 4.5% 20.8% 13.9% Hotels Car Rental Restaurants Retail Other

April May June July August September October November December January February March Origination Market Profile: United Kingdom 35 Visitors from the United Kingdom show healthy spending per account although they stay a bit shorter than average. Interestingly, their spending on Lodging is about a quarter of their travel wallet which is a higher percentage than visitors from the US who stay longer. Top origination Markets (by Apr 1, 2017 Mar 31, 2018 Index) USA - 5,382 NLD 434 (Spend) (Transactions) (Unique Stays) Avg. Length of Stay (Days) Average Spend per Account Average Transaction Value 6.5% 21.6% 13.1% 7.3 $1,155 $148 GBR 387 CAN 281 8.9% 6.5% Seasonality: % of origination Market Spend Month 11.2% 11.8% 11.7% 10.8% 9.0% 5.4% 6.7% 7.2% 6.2% 4.6% DEU 105 FRA 68 PAN 57 CHE 56 26.2% Category Spend 36.2% CHL 56 20.2% 12.9% ITA 56 4.5% Hotels Car Rental Restaurants Retail Other

April May June July August September October November December January February March Origination Market Profile: Canada 36 Canadian visitors show a pronounced peak of spending in the market during the Canadian winter months of January and February which bleeds into March as well. Their average length of stay is somewhat low however. Top origination Markets (by Apr 1, 2017 Mar 31, 2018 Index) USA - 5,382 NLD 434 (Spend) (Transactions) (Unique Stays) Avg. Length of Stay (Days) Average Spend per Account Average Transaction Value 2.3% 7.7% 3.4% 6.3 $676 $116 GBR 387 Seasonality: % of origination Market Spend Month CAN 281 9.3% 6.1% 3.8% 4.9% 5.2% 3.6% 4.9% 8.2% 11.1% 13.8% 14.4% 14.8% DEU 105 FRA 68 PAN 57 CHE 56 Category Spend 42.3% CHL 56 ITA 56 27.5% 4.1% 12.4% 13.6% Hotels Car Rental Restaurants Retail Other

April May June July August September October November December January February March Origination Market Profile: Germany 37 Germany shows fairly positive performance across all growth metrics and allocate almost a third of their spending to Lodging although their length of stay is below average. Top origination Markets (by Apr 1, 2017 Mar 31, 2018 Index) USA - 5,382 NLD 434 (Spend) (Transactions) (Unique Stays) Avg. Length of Stay (Days) Average Spend per Account Average Transaction Value 6.2% 9.1% 2.8% 6.8 $789 $122 GBR 387 CAN 281 9.7% 6.8% Seasonality: % of origination Market Spend Month 9.8% 10.0% 11.1% 9.8% 7.4% 5.5% 5.7% 5.5% 6.8% 11.9% DEU 105 FRA 68 PAN 57 CHE 56 30.1% Category Spend 40.7% CHL 56 ITA 56 4.9% 12.3% 11.9% Hotels Car Rental Restaurants Retail Other

April May June July August September October November December January February March Origination Market Profile: France 38 French visitors have very short length of stay and a corresponding lower percentage of spending in Lodging. Unlike other source countries, their peak month of spending is August although there is a secondary but smaller peak in February. Top origination Markets (by Apr 1, 2017 Mar 31, 2018 Index) USA - 5,382 NLD 434 (Spend) (Transactions) (Unique Stays) Avg. Length of Stay (Days) Average Spend per Account Average Transaction Value 1.3% 3.5% 0.0% 6.1 $633 $101 GBR 387 CAN 281 8.5% 7.3% Seasonality: % of origination Market Spend Month 12.3% 9.8% 8.3% 9.6% 10.7% 10.4% 5.4% 6.3% 7.0% 4.3% DEU 105 FRA 68 PAN 57 CHE 56 Category Spend 50.2% CHL 56 ITA 56 21.0% 3.1% 9.0% 16.7% Hotels Car Rental Restaurants Retail Other

April May June July August September October November December January February March Origination Market Profile: Panama 39 As should be expected from proximity to the market, seasonality of spending from Panama is fairly flat but with a modest peak in December. Surprisingly, they have the longest length of stay metric among the top ten countries while allocating a fairly low percentage of spending to Lodging. It s likely that these visitors own or rent property in destination. Top origination Markets (by Apr 1, 2017 Mar 31, 2018 Index) USA - 5,382 NLD 434 GBR 387 CAN 281 (Spend) (Transactions) 8.2% 8.2% 8.6% 8.9% 8.7% (Unique Stays) Seasonality: % of origination Market Spend Month 7.1% 7.5% Avg. Length of Stay (Days) 9.5% 10.3% Average Spend per Account Average Transaction Value -8.3% -9.3% -10.4% 9.3 $1,960 $93 7.5% 7.4% 8.0% DEU 105 FRA 68 PAN 57 CHE 56 Category Spend 61.5% CHL 56 ITA 56 15.2% 1.5% 10.0% 11.9% Hotels Car Rental Restaurants Retail Other

April May June July August September October November December January February March Origination Market Profile: Switzerland 40 Switzerland shows negative spending growth but positive growth in transactions and visits. They have slightly higher length of stay compared to other origination countries in geographical proximity. They do have above average spending per account and allocate almost a third of their travel wallet to lodging. Top origination Markets (by Apr 1, 2017 Mar 31, 2018 Index) USA - 5,382 NLD 434 (Spend) (Transactions) (Unique Stays) Avg. Length of Stay (Days) Average Spend per Account Average Transaction Value -3.6% 5.4% 1.4% 7.6 $1,243 $162 GBR 387 CAN 281 10.2% 7.5% Seasonality: % of origination Market Spend Month 11.5% 11.9% 9.0% 7.5% 8.4% 9.3% 8.7% 5.3% 6.3% 4.4% DEU 105 FRA 68 PAN 57 CHE 56 CHL 56 ITA 56 29.7% 4.1% Category Spend 12.8% 10.5% 42.8% Hotels Car Rental Restaurants Retail Other

April May June July August September October November December January February March Origination Market Profile: Chile 41 Chilean seasonality shows an interesting double peak, the highest one in February (summer in Chile) and the second in July (winter in Chile). Although they have short stays, they allocate almost 40% of their spending to Lodging, which is the highest among all top ten countries. They also spend in retail at a higher rate than other countries. Top origination Markets (by Apr 1, 2017 Mar 31, 2018 Index) USA - 5,382 NLD 434 (Spend) (Transactions) (Unique Stays) Avg. Length of Stay (Days) Average Spend per Account Average Transaction Value -1.2% 4.9% 1.0% 5.8 $995 $162 GBR 387 CAN 281 6.1% 9.7% Seasonality: % of origination Market Spend Month 14.2% 12.1% 7.8% 7.6% 8.7% 8.8% 6.9% 5.8% 5.9% 6.5% DEU 105 FRA 68 PAN 57 CHE 56 39.7% Category Spend 32.0% CHL 56 22.5% ITA 56 1.8% 4.0% Hotels Car Rental Restaurants Retail Other

April May June July August September October November December January February March Origination Market Profile: Italy 42 Italy is another source market with a double peak of seasonality, the highest one in August, and the second one in January. Their length of stay is about a day below average but they still allocate a fair percentage of spending to Lodging. Top origination Markets (by Apr 1, 2017 Mar 31, 2018 Index) USA - 5,382 NLD 434 (Spend) (Transactions) (Unique Stays) Avg. Length of Stay (Days) Average Spend per Account Average Transaction Value 3.8% 7.6% 1.7% 7.7 $692 $91 GBR 387 CAN 281 7.1% Seasonality: % of origination Market Spend Month 16.7% 13.6% 10.8% 8.9% 8.7% 5.2% 5.6% 6.7% 5.4% 5.1% 6.1% DEU 105 FRA 68 PAN 57 CHE 56 Category Spend 46.0% CHL 56 26.8% ITA 56 3.7% 11.5% 11.9% Hotels Car Rental Restaurants Retail Other

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